Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,121/mo
Lowest payment- Down payment
- $151,675
- Funds due
- $163,559
- Interest + MI left
- $128,704
- First ends
- Dec 2049
Assumption
Assumption + second
$2,964/mo
+$844/mo- Down payment
- $36,675
- Funds due
- $49,835
- Interest + MI left
- $317,483
- First ends
- Dec 2049
New loan
New conventional
$3,152/mo
+$1,031/mo- Down payment
- $36,675
- Funds due
- $46,439
- Interest + MI left
- $497,927
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $213,325 | $213,325 | $328,325 |
| Second mortgage | — | $115,000 | — |
| First P&I | $1,130.50 | $1,130.50 | $2,273.26 |
| Second P&I | — | $843.83 | — |
| Mortgage insurance | $177.00 | $177.00 | $65.67 |
| Taxes, insurance & HOA | $813.00 | $813.00 | $813.00 |
| Total housing payment | $2,120.51 | $2,964.34 | $3,151.92 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$36,675
Closing costs & prepaids$13,160
Usable credit−$0
Total buyer cash needed$49,835
Earnest money paid−$0
Remaining funds due$49,835
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,650.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$1,919.50
Initial HOA (3 months)$69.51
Prepaid interest, first (1 days)$20.81
Prepaid interest, second (1 days)$25.21
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 days of interest to the end of the closing month.
What is left to pay
The seller already paid down the early, interest-heavy years.
Remaining first mortgage at closing23 yr 1 moOf the original 30-year loan at 3.560%
Interest already paid$57,268Through Nov 2026
Assumption only · ends Dec 2049$128,704
Assumption + second · ends Dec 2049, second Dec 2056$317,483
New conventional · ends Dec 2056$497,927